Amid increase in the global oil prices to above $73 per barrel, the Nigerian external reserves under the care of the Central Bank of Nigeria (CBN), has increased to $44.787 billion as of April 25, 2019.
At the close of last week trading activities on Friday, the foreign exchange buffer stood at $44.787 billion against $44.777biliion it recorded a day before, appreciating by a total sum of $10.520 million in just one day.
Considering the opening figure of $44.6 billion that was declared by the apex bank as of April 1, 2019, the foreign reserves has gained a whopping sum of $179,929,770 before the end of the month.
In fact, the reserves stood at $43.17 billion as of end to close March 30, 2019, compared to the current figure of $44.78 billion.
A quick check at the historical foreign reserve data shows that Nigeria’s foreign reserve recorded value above the $44.1 billion marks in September 2018, representing an increased to an all-time high in six months.
A breakdown of the increase in the reserves showed that it added $4.2 million or 0.10 per cent to close at $43.174 billion in January 2019, from $43.17 billion it closed for 2018.
In February, the foreign exchange buffer depreciated by $873.34 million or 2.02 per cent to $42.29 billion from $43.17 billion whilst in the third month, March, it appreciated significantly by $2.1 billion or 4.99 per cent to $44.43 billion from $42.3 billion it opened in March.
Experts attributed an increase in CBN’s foreign reserves to a steady increase in global oil prices and increase inflow from the diaspora.
